November 20, 2008 05:12

Forex Signals – EUR/USD Spike today; Still bearish

By:

11-20-08

3:08a GMT – We had a major spike today in the EUR/USD – it rose 200 pips in an hour and then fell over 400 pips in the following hours. Apparently the spike was due to a large hedge fund buy order at the same time the Fed announced it was using quantitative easing to help fight deflation. Traders then jumped on the opportunity to short the spike at the same time US stocks plummeted and more stock traders put their money in the relative safety of the US dollar. My overall outlook on the EUR/USD remains unchanged however: bearish!

Trading Idea: Shorts preferred around resistance levels. Nearest resistance is at 1.2575. Look for bearish reversal signals for a test of 1.2350.

(click to enlarge)

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2 Comments on "Forex Signals – EUR/USD Spike today; Still bearish"
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    Comment left on:
    December 21, 2008 at 17:41
    Art says:

    this date and time is long outdated eur/usd traded last week at high of 14720

  2. Avatar of piphut
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    Comment left on:
    December 21, 2008 at 17:50
    piphut says:

    Art, you are looking at a signal from November 20, 2008 (datestamped at the top of the post). For most recent signals go to the homepage at http://piphut.com

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